How bad boy
Full Member
Be the sucker others need you to be.Buy the dip.
Be the sucker others need you to be.Buy the dip.
Plenty of financial publications putting the sizeable decline of all crypto (not just bitcoin) down to energy costs. Mining is a gas and water guzzler and until heavier shifts to renewables for mining are made, the price will remain at these lows for a while.Bitcoin coming up on 70% down since the peak in November following a further sizeable drop today.
Ethereum about to drop below $1k, it was $4.8k in Nov, almost 80% drop.
Ouch.
Still, it's only back to the value of 18 months ago, which is a great sign of the insanity of the whole shitshow, 5x growth in 10 months, 8 months later, lost all of that growth in value.
Ethereum has finally officially moved from Proof of Work to Proof of Stake.
It's hard to understate how huge a deal this is for crypto currency.
https://www.theregister.com/2022/09/15/ethereum_merge_stake/
It massively reduces power consumption and in my opinion, makes it far, far more robust.
Of course, there are lots of other problems, but this is a very big step in the right direction for crypto.
Thought this explanation of it was good (from the Register article)
"Prior to early this morning, Ethereum was validated using proof of work (PoW), which required more electrical energy than some small countries to solve ever-increasing mathematical problems to validate transactions.
Now, under a proof of stake (PoS) system, holders of Ethereum willing to fork over 32 ETH (roughly $48,000 right now) can become validators by staking their own cryptocurrency.
If randomly chosen to be a validator on a block, a staker is responsible for checking the legitimacy of that block's transactions. Multiple validators are involved in verifying each block, which involves some simple calculations. If a positive consensus is reached, the block and its transactions are accepted onto the blockchain, simply put.
If the block shouldn't have been validated, or a validator screws up in some other way, a percentage – all the way up to 100 percent – of their stake is forfeit and lost forever. By following the rules, stakers get paid a small percentage of newly created Ethereum.
Classic miners are no longer needed, and instead, people risk their own coins to ensure the blockchain maintains its integrity. The more you stake, the more chance you get picked to validate, and more the chance to earn.
Because there's now no need for miners to solve complex equations to validate blocks, the energy costs of Ethereum using PoS should decrease by around 99.95 percent, the Ethereum Organization said. "
Sounds like you're balls deep on this Virtual fresh air m8.Ethereum has finally officially moved from Proof of Work to Proof of Stake.
It's hard to understate how huge a deal this is for crypto currency.
https://www.theregister.com/2022/09/15/ethereum_merge_stake/
It massively reduces power consumption and in my opinion, makes it far, far more robust.
Of course, there are lots of other problems, but this is a very big step in the right direction for crypto.
Thought this explanation of it was good (from the Register article)
"Prior to early this morning, Ethereum was validated using proof of work (PoW), which required more electrical energy than some small countries to solve ever-increasing mathematical problems to validate transactions.
Now, under a proof of stake (PoS) system, holders of Ethereum willing to fork over 32 ETH (roughly $48,000 right now) can become validators by staking their own cryptocurrency.
If randomly chosen to be a validator on a block, a staker is responsible for checking the legitimacy of that block's transactions. Multiple validators are involved in verifying each block, which involves some simple calculations. If a positive consensus is reached, the block and its transactions are accepted onto the blockchain, simply put.
If the block shouldn't have been validated, or a validator screws up in some other way, a percentage – all the way up to 100 percent – of their stake is forfeit and lost forever. By following the rules, stakers get paid a small percentage of newly created Ethereum.
Classic miners are no longer needed, and instead, people risk their own coins to ensure the blockchain maintains its integrity. The more you stake, the more chance you get picked to validate, and more the chance to earn.
Because there's now no need for miners to solve complex equations to validate blocks, the energy costs of Ethereum using PoS should decrease by around 99.95 percent, the Ethereum Organization said. "
I'm starting to warm a little to it. Not as an "investment", which it isn't and should never be if it's a currency, but as an actual medium of exchange.There must be a massive queue for this......................this is like roping off a small area in a nightclub and putting up a velvet rope and curtain and convincing twats to pay £80 for a bottle of cheap Champagne.
Twats always fell for it.
I've never bought a single bit of cryptocurrency in my life.Sounds like you're balls deep on this Virtual fresh air m8.
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